Suppose that the amount of computer apps demanded increases by 10 percent when the price of personal computers falls by 5 percent. The cross price elasticity of demand between computer apps and personal computers is
A. -0.5.
B. 2.0.
C. 0.5.
D. -2.0.
Answer: D
Economics
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A surplus occurs when price is higher than the market equilibrium.
Answer the following statement true (T) or false (F)
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The table above gives the cost of producing T-shirts. When 5 T-shirts are produced, the average fixed cost is ________ and the average variable cost is ________
A) $4; $10 B) $10; $6 C) $5; $3 D) $4; $6
Economics
An example of a payroll tax in the United States is
A) taxes on corporate profit. B) Social Security taxes. C) property taxes on real estate. D) excise taxes on gasoline.
Economics
Which of the following would an economist classify as capital?
a. 100 shares of Microsoft stock b. a $50 bill c. a credit card d. a lawyer's personal computer e. a bauxite mine in Jamaica
Economics